About Me

Wednesday, May 20, 2015

Quote of the Day

Have no fear. The savings are then reborn in the gated communities and penthouse suites of our billionaire overlords, like hundreds of millions of pheonixes rising from the ashes! These savings then clog the banking system and drive interest rates ever lower.

4 comments:

fried
said...

Gee, I feel so much better knowing that my savings are not being recycled into profits for the 1%. I keep an goodly amount in cash in a small safe, a move any Certified Financial Planner would decry as foolish, at the very least.With interest rates at less than 1%, I see no reason to feed the banks. What isn't in bonds or tips, or in checking, is stashed. And no, I do not think banks are a safer place to keep cash. Nice to have for a dental or vet emergency and cash earns a discount, greater than lousy bank interest.

Anyone who thinks holding at least some actual cash is a bad plan for emergencies, may not have thought through what extended power outages can do to automated teller machines.

I have a fairly large sum of money earning less than 1% in an online bank account, but would have a heck of a time accessing it if there was a national emergency that took down the power grid. I think about that from time to time. That money is not earning risk free interest. It would be especially bad if prices began to rise because of the extended power outage. Wouldn't want to be the last in line at the "first come, first serve" party at local grocery stores.

It's like something right out of Idiocracy. Can't sell you the perishable milk because the registers are all electronic. Oh, well. Guess it will just have to spoil due to a lack of powered refrigeration.

Ever get the feeling that we're becoming too dependent on vulnerable technologies?

Disclaimer

I am not a financial advisor. I am not offering investment advice. Although I have attempted to provide accurate information, that's all it is, an attempt. Please do not trust the opinions, numbers, and/or charts of a random anonymous blogger on the Internet. Make your own opinions. Make your own charts. Do your own due diligence. Thank you.